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Technology Stocks : Advanced Micro Devices - Moderated (AMD) -- Ignore unavailable to you. Want to Upgrade?

To: pgerassi who wrote (44574)	6/18/2001 9:10:12 PM
From: combjelly	Read Replies (1) \| Respond to of 275872

As I am sure that Paul will tell you, AMD announced that the Palominos will require a new spin to exceed 1.2GHz. Also, Hammers were delayed until 2005 so that they "could add a bunch of new features". In addition, Intel demonstrated that Northwood now has the same IPC as an Athlon and that the 2.5GHz version with PC1066 RDRAM is almost 4 times as fast as a 1.5GHz Athlon. Intel also says "yields are in the high 90's and more than 80% are binning out at 3GHz". Oh yeah, Intel has also fixed the SMT features of the the P4 and Foster...

To: pgerassi who wrote (44574)	6/18/2001 11:23:28 PM
From: Paul Engel	Respond to of 275872

Re: "Why did the stock tank again today?" AMD: Trim Estimates on Tight Q2; No Change to Rating, Target * We believe Q2 will be a tight one for the company and are reducing our current quarter EPS from $0.30 to $0.27 (in line with consensus) and 2001 from $1.40 to $1.30; we are also trimming 2002 EPS from $1.85 to $1.75 * Our slightly lower earnings forecast is mostly based on our reduction in microprocessor unit shipments from the high-end of guidance (7.1 mil) to the low-end (6.5 mil). We have also reduced our full year units from 31.7 million to 28.1 million units. No big changes to ASPs this year or next. * We believe Q2 is tighter for AMD than for Intel because of its exposure to Europe, aggressive Intel price cuts, and a strong shipment quarter in Q1, which helped fill AMD's channel. Intel, on the other hand, cleared its channel in Q1. * It is our understanding that AMD's Flash business is actually a little stronger than most, and we are therefore not cutting estimates on memory weakness. * No change to our 1S rating or our $40 price target, 25x our new 2002 EPS. <<AMD 06-18-01.pdf>> SEMICONDUCTORS Jonathan Joseph 415-951-1887 jonathan.joseph@ssmb.com Ramesh Misra 415-951-1883